THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

SEC. 10. And be it enacted, That the president and
directors shall have full power and authority to invest
the capital and surplus funds and profits, or other funds
remaining in the hands of the company from time to
time, in public funds, bank stocks or other securities;
and generally, to invest and dispose of the capital, money
and property of the company, as they shall deem most
advantageous; provided, that this company shall pay in-
to the treasury, twenty-five cents in the hundred dollars
on their annual profits.

CHAP. 125.

Power and au-
thority to in-
vest capital.

Proviso.

SEC. 11. And be it enacted, That it shall be the duty
of the president and directors to superintend the con-
cerns of the company in all things, not otherwise herein
provided for, and to cause a proper office to be kept for
the transaction of business; they shall hold meetings at
least once a month, and shall act on all matters and things
which may come before them; and shall hold such other
meetings as may be deemed necessary, when thereunto
notified by order of the president; the president and two
directors, or in the absence of the president, three direc-
tors shall constitute a quorum; they shall from time to
time, as they shall deem proper, but not less than once in

Duty of the
president, &c.
— hold meet-
ings.

each three months, make examination of the state of the
company's affairs, and inspection of the books, accounts
and funds of the company; they shall also, at the end of
the year, examine the statement of the affairs of the com-
pany, and shall fix the amount for which scrip for balance
of profits is to be issued to the associates, as hereinafter
provided for.

Make exami-
nations.

SEC. 12. And be it enacted, That the president shall
attend daily at the company's office and receive applica-
tions for insurance, shall, whenever he or the board deem
it proper or necessary, examine vessels or other property
in the city of Baltimore proposed to be insured; shall
have power to make and execute contracts of insurance
in behalf of the company, to an amount not exceeding
twenty thousand dollars on any one risk, or less as may
be limited by the by-laws of the company; shall cause
all money and other property belonging to the company
to be safely kept; shall sign all policies and obligations

President to
attend daily at
office.

of the company and checks to draw money; shall have
kept a true record of all the votes of the company, which
shall be open to all members during office hours; shall
have kept a record of all policies issued by the company,
the record of which policies shall be open to the inspec-
tion of any interested therein; and shall in genera! dis-

Record of all
the votes.